EXHIBIT 99.1

 

During the second quarter of 2013, LTL revenue increased 16.6 percent to $36.3 million, versus $31.1 million posted during the same period a year ago.  The increase in LTL revenue was primarily related to a 7.8% increase in yield and an 11.8% increase in shipments.  These improvements are attributable to the Company's continued focus on providing quality service and an emphasis on sales and marketing efforts in this service offering.

During the second quarter, truckload revenue, excluding fuel surcharges, was $37.7 million, relatively unchanged from the same period a year ago.  The 2.9% increase in revenue per loaded mile and the 4.2% increase in TL shipments were offset by a $1.0 million decrease in dedicated services revenue, as certain trucks were redeployed from dedicated services to other service offerings with higher operating margins.

During the second quarter, brokerage and logistics services revenue was relatively flat compared to the same period a year ago, while equipment rental revenue increased $1.0 million, due to an increase in the number of tractors leased to owner-operators through the Company's Drive-to-Own program.

During the second quarter of 2013, total operating expenses increased 10.5% to $104.0 million, compared to $94.1 million during the second quarter of 2012.  Primary factors related to the year-over-year increase in operating expenses are related to the increase in number of trucks in service to 1,656, as compared to 1,487 during the same period last year.  Contributing to the increase in operating expenses were higher costs attributable to purchased transportation, claims and insurance, revenue equipment rent, supplies and maintenance, and salaries, wages and related expenses, partially offset by a decrease in fuel expense.

During the second quarter of 2013, the operating ratio was to 101.5, compared to 98.4 during the same period in 2012, and compared to 104.1 during the first quarter of 2013.

As previously disclosed, the Company has entered into a definitive agreement pursuant to which Duff Brothers Capital Corporation has offered to acquire all of the outstanding shares of common stock of FFE (except shares owned by its affiliates) for $2.10 in cash per share of common stock, representing a 23.5% premium over the closing price on July 12, 2013, the last full trading day before the announcement of the agreement. The transaction was unanimously approved by the Company's Board of Directors and is expected to close by late August or early September 2013.

About FFEX

Frozen Food Express Industries, Inc. is one of the leading temperature-controlled truckload and less-than-truckload carriers in the United States with core operations in the transport of temperature-controlled products and perishable goods including food, health care and confectionery products. Service is offered in over-the-road and intermodal modes for temperature-controlled truckload and less-than-truckload, as well as dry truckload on a non-dedicated fleet basis. We also provide bulk tank water transportation, brokerage/logistics and dedicated services to our customers. Additional information about Frozen Food Express Industries, Inc. can be found at http://www.ffeinc.com. To join our email alert list, please click on the following link: http://financials.ffex.net/alerts.cfm. The Company's common stock is traded on the Nasdaq Global Select market under the symbol FFEX.

The Frozen Food Express Industries, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3209

---

Forward-Looking Statements

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements relating to plans, strategies, objectives, expectations, intentions, and adequacy of resources, and may be identified by words such as "will", "could", "should", "believe", "expect", "intend", "plan", "schedule", "estimate", "project", and similar expressions. Those statements are based on current expectations and are subject to uncertainty and change. Although our management believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Should one or more of the risks or uncertainties underlying such expectations not materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Among the key factors that are not within our management's control and that may cause actual results to differ materially from those projected in such forward-looking statements are the decisions by the shareholders to tender shares into the tender offer, the ability for all conditions to closing the tender offer to be satisfied or waived, the outcome of pending shareholder litigation, demand for the Company's services and products, and its ability to meet that demand, which may be affected by, among other things, competition, weather conditions and the general economy, the availability and cost of labor and owner-operators, the ability to negotiate favorably with lenders and lessors, the continued growth of hydraulic fracturing techniques for oil and gas drilling in West Texas, the effects of terrorism and war, the availability and cost of equipment, fuel and supplies, the market for previously-owned equipment, the impact of changes in the tax and regulatory environment in which the Company operates, operational risks and insurance, risks associated with the technologies and systems used and the other risks and uncertainties described in our filings with the Securities and Exchange Commission. Given the volatility in fuel prices and the impact fuel surcharge revenues have on total operating revenues, we often make reference to total operating revenue excluding fuel surcharges to provide a more consistent basis for comparison of operating revenue without the impact of fluctuating fuel prices. Readers should review and consider these factors along with the various disclosures by the Company in its press releases, stockholder reports and filings with the Securities and Exchange Commission. The Company does not assume, and specifically disclaims, any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.

---

Frozen Food Express Industries, Inc. and Subsidiaries

Consolidated Condensed Balance Sheets

(Unaudited and in thousands, except per-share amounts)

---

Frozen Food Express Industries, Inc. and Subsidiaries

Consolidated Condensed Statements of Operations

 (Unaudited and in thousands, except per-share amounts)

---

The following table summarizes and compares selected statistical data relating to our freight operations for each of the three and six month periods ended June 30:

  

 

The following table summarizes and compares the makeup of our fleet between company-provided tractors and tractors provided by owner-operators as of June 30:

CONTACT: Frozen Food Express Industries, Inc.

         Russell Stubbs, President and CEO

         John Hickerson, EVP and COO

         Steve Stedman, VP and Interim CFO

         (214) 630-8090

         Dave Mossberg, Investor Relations

         Three Part Advisors, LLC

         817 310-0051